Facts examining Biden’s claims on trade losses, auto bailouts and his annual income



We took a look at many of the claims made by Biden during these stops and the facts behind them.

During a campaign speech in Michigan, focusing on manufacturing and his support for unions, Biden claimed that the US administration had registered a trade deficit under the current administration.

“Under President Trump, the US trade deficit has grown larger,” Biden said. “It’s an all-time high hit. Let me say again that the US trade deficit under Trump over the past three years is at an all-time high.”

Fact First: Biden is wrong. While the trade deficit has widened under Trump, the measure for both goods and services, the overall trade deficit has not hit an all-time high under Trump. Measured by bus cargo, but Biden is correct. However, he did not specify that he was only talking about the goods.

Trade deficit refers to the balance remaining after subtracting the quantity of goods and services imported to a country from the number exported. While some view the trade deficit as a negative thing, many economists dispute that characterization.
The total trade deficit in 2006 was a record $ 763.5 billion under George W. Bush. By the end of Barack Obama’s term, it had fluctuated and reached $ 481.2 billion, according to the Census Bureau in 2016.

Despite Trump’s promises during the 2019 campaign, the deficit widened under Trump, with a decrease of $ 576.9 billion in 2019.

If you just look at the commodities trade deficit and ignore the services surplus – which includes things like communications, technical and financial services – the US had a record-breaking trade deficit of $ 880.3 billion in 2018. That year also saw a record $ 300.4 billion trade surplus in services.

The US has not seen a trade surplus of goods and services since 1970.

Auto bailout

Wednesday on Twitter, Biden wrote “President Obama and I Saved the Auto Industry.”

Fact First: Biden is omitting important references not to mention the efforts of President George W. Bush.

Within just a few weeks of his presidency, and amid a major recession and an automotive crisis in the US, Bush announced an auto bailout of $ 17.4 billion on December 19, 2008 – $ 13.4 billion of which would be disbursed almost immediately.
After the Senate rejected an auto bailout bill, Bush took the money from the troubled asset relief program. Obama continued where Bush left off, and by June of 2009, added to the amount under Bush – $ 80 billion in bankruptcy loans from TARP, mostly to Chrysler and General Motors.

Biden’s salary

In discussing his tax plan – which would raise taxes for more than $ 400,000 a year – Biden claimed he never made that much money.

“We’re not going to punish anyone,” Biden said Wednesday in a conversation with several Michigan Steelworkers. “No one is making less than $ 400,000, which is to pay more taxes than the money I made.”

Fact First: Biden has made over $ 400,000, though only in the last few years.

In 2017, after stepping down, Biden and his wife Jill reported an income of $ 11 million and in 2018 they brought in $ 4.6 million. According to Forbes, the majority of new revenue came from book sales and speaking engagements.

The only other year that had bids in excess of $ 400,000 was in 2013, when they made $ 407,009.

Otherwise, Biddens has a mark of less than $ 400,000 year-on-year which will carry additional taxes under his plan.

Kosovo

After several reports, including the Atlantic, criticizing Trump, Trump called the soldiers who died in the war “losers,” Biden brought his son Bue to service. Trump denied saying this.

“My son was supposed to go to Kosovo – as an assistant US attorney in Philadelphia. He was six months old,” Biden told CNN’s Jake Topper on Wednesday. “He built a memorial thanking him for his service, I think the only American he did for it. And was he a sucker?”

Fact First: There is one road Named after Beau Biden in Kosovo and A. Memorial There in his honor. But it is not true that Beau Biden is the only American to receive such an honor.

The following year after his death from brain cancer, Kosovo built the monument and renamed it a highway in honor of Bue, who in 2001 worked as a legal adviser to help rebuild the war-torn region’s justice system.

Kosovo has done the same for other US officials. As stated by the Delaware newspaper News Journal at the time of Beau’s tribute:

“Kosovo has a long history of naming roads after naming US officials, a tribute to America’s involvement in the country’s 2008 independence from Serbia. There are roadways named after former presidents Bill Clinton and George W. Bush.”

Kosovo has streets and statues of Clinton and former Sen. Bob Dole.

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